Targeting over 20,000 SMEs, Moglix is an online B2B marketplace for Industrial products catering to suppliers and buyers across the globe
The two VCs, along with a new investor SeedPlus, have pumped in INR 28 crore (US$4.2 million) into the startup.
The funds will be deployed to expand operational footprint across major industrial hubs, increase the SME customer base by 5,000 to 100,000 and large manufacturing buyers to at least 1,000 in the next 18 months.
As per the deal, Jungle’s Managing Partner Anurag Srivastava has joined Moglix’ advisory board. He will work with the company on product management and devising technology strategy for large manufacturing firms in the automotive industry.
The startup raised pre-Series A funding from Accel Partners and Jungle Ventures in October 2015, and an undisclosed investment from Ratan Tata in February 2016.
Founded in August 2015, Moglix is a platform for industrial products catering to suppliers and buyers across the globe. Its platform caters to over 20,000 SME buyers and 100 large manufacturing houses.
Moglix currently specialises in B2B procurement of industrial products such as maintenance, repair and overhaul (MRO), fasteners and industrial electrical equipment. The company has partnered with 1,500-plus manufacturers and distributors across these categories in India, China and Taiwan.
Moglix currently has 200,000-plus stock keeping units (SKUs) listed on its platform and serves some of the largest auto, electrical and PSU needs in the country.
Moglix recently expanded its operations in West India with the launch of its Pune office, which caters to manufacturing companies in Gujarat and Maharashtra. It now plans to expand its footprint to South and East India in the coming year, aiming for US$100 million-plus revenues in the next three years.
“Currently medium and large enterprises procure from [hundreds to thousands] of vendors, and the entire process is run on an ad-hoc basis,” said Subrata Mitra, Partner, Accel Partners, speaking on the investment. “Moglix’ ability to induct technology into such a process is innovative and will lead to significant efficiencies. It’s also a large scale issue, and if solved well can create a formidable business.”
Image Credit: 123rf
The post Jungle Book: India’s Moglix to accelerate growth with US$4.2M Series A funding appeared first on e27.